“A purchase requisition is the primary and authorization document describing the needed items.” Comment on the statement. Also, explain the three most common types of requisition forms.

 A purchase requisition is an internal document that is used by an organization to initiate the purchase of goods or services. It serves as a formal request for the procurement department to purchase the items needed to support the operations of the company. The statement "A purchase requisition is the primary and authorization document describing the needed items" is true as it accurately reflects the purpose and importance of a purchase requisition. In this article, we will explore the various aspects of purchase requisitions, including their definition, purpose, and the different types of requisition forms.

Definition of Purchase Requisition:

A purchase requisition is an internal document that is used to initiate the purchase of goods or services. It serves as a formal request from one department or employee to another, typically from the end-user to the procurement department, to acquire the items or services they need to carry out their job responsibilities.

Purpose of Purchase Requisition:

The purpose of a purchase requisition is to provide a standard and systematic method for employees to request items or services needed to support the operations of the organization. Purchase requisitions serve as a primary and authorization document that describes the needed items, including their specifications, quantities, delivery dates, and cost. They help to ensure that the procurement process is efficient, cost-effective, and meets the needs of the organization.

Types of Requisition Forms:

There are several types of requisition forms, but the most common types are:

1. Standard Requisition Form:

The standard requisition form is the most common type of requisition form. It is a pre-printed form that includes fields for specifying the item or service needed, the quantity required, the delivery date, and the cost. This type of requisition form is used for routine purchases of goods or services that are required on a regular basis. The standard requisition form is usually a part of the company's purchasing policies and procedures.

2. Emergency Requisition Form:

The emergency requisition form is used when an unforeseen event or circumstance requires an immediate purchase of goods or services. This type of requisition form is used for urgent purchases that cannot wait for the regular procurement process. The emergency requisition form is usually shorter and simpler than the standard requisition form, and it focuses on the essential information needed to acquire the needed items.

3. Blanket Requisition Form:

The blanket requisition form is used for purchases that are made on a recurring basis, such as for maintenance or repair services. This type of requisition form is used to establish a standing order for specific goods or services, and it eliminates the need for individual requisitions for each purchase. The blanket requisition form includes information about the quantity of goods or services needed, the frequency of the purchase, and the total cost of the purchase.

Conclusion:

In conclusion, purchase requisitions are an essential part of the procurement process. They provide a standard and systematic method for employees to request items or services needed to support the operations of the organization. The statement "A purchase requisition is the primary and authorization document describing the needed items" is accurate, as purchase requisitions serve as a formal request from the end-user to the procurement department to acquire the items or services needed to carry out their job responsibilities. The three most common types of requisition forms are standard requisition forms, emergency requisition forms, and blanket requisition forms. Each of these types of requisition forms serves a different purpose and can be tailored to meet the specific needs of the organization.

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